The collision, which involved a vehicle and a pedestrian, was reported shortly before 7.30am on Friday.
Officers attended alongside colleagues from the Northern Ireland Ambulance Service, but the man sadly died at the scene.
The road was closed today for a period of time today but has since reopened to traffic.
Enquiries are continuing and police are appealing to anyone who may have witnessed the incident, or captured any dash cam or other footage, to get in touch via 101, and quote reference number 310 of 30/09/22.
Cookstown Ulster Unionist Councillor Trevor Wilson extended his condolences to the man's family circle and everyone who had been caught up in the incident.
"This is terribly sad and I wish to express my deepest condolences to all those impacted by today's tragic event," he said.